Paying off debt is a worthy goal and there are some key strategies to getting it paid off more quickly. I outline these strategies in my latest episode of Your Money, Your Choices.
It’s also best practice to put money towards your debts as soon as you are able. If you’re paid bi-weekly, you should try to add additional payments to your debts as soon as you get paid, rather than waiting for a certain lump-sum amount.
Finally, and most obviously, the more money you are able to put towards your debts now, the sooner you’ll be able to pay it off. This might mean reducing your expenses through budgeting, shopping bans, or other method. Or it might mean increasing your income through extra paid hours at work, working at another part-time job, or starting a side hustle like freelance work.
Paying your debt off strategically and quickly lets you stop paying compound interest and start earning it. I’d love to hear your strategies for paying down debt, or any questions you have in the comments.
